INTQ8 Jun 2011 08:10
Acquisition of i-POP Networks PTE Singapore
InternetQ, one of the leading providers of mobile marketing and digital entertainment solutions for mobile network operators and brands, today announces the acquisition of i-POP Networks PTE (the "Company" or "i-POP"), a Singapore based mobile and media services business funded entirely by the issue of new InternetQ shares.
i-POP provides direct connectivity, mobile marketing, as well as innovative media solutions to a wide range of clients ranging from mobile network operators, FMCG (fast moving consumer goods) companies, advertising and creative agencies, as well as traditional media companies. The Company is connected with 69 mobile network operators in Southeast Asia (32 direct and 37 through aggregators), covering more than 500 million subscribers in 19 countries.
For the year ended 31 December 2010 i-POP generated unaudited revenues of S$4 million (€ 2.2 million), unaudited loss before taxation of S$ 1.9million (€ 1.1 million) and showed unaudited net assets of S$ 2.9. million (€ 1.6 million). For the period ending 31 March 2011, I-POP generated unaudited revenues of S$1.2 million (€0.7 million), unaudited loss before taxation of S$0.2 million (€0.1 million) and unaudited net assets of S$2.8 million (€1.6 million).
The acquisition is expected to be earnings neutral for 2011 and earnings accretive thereafter.